€15 billion has already been duped! | Cricket News

There is a lot of money to be made from cryptocurrencies and where there is money, there are scammers and hackers too! Since 2011, cryptocurrencies worth more than 15 billion euros have been stolen or looted worldwide in crypto-related scams. This is evident from the analysis of media reports and legal documents regarding frauds through these digital mediums. Take OneCoin, a fake cryptocurrency. In March 2019, the US Public Prosecution Service announced that it would be prosecuting its owners: they may have sold counterfeit crypto worth 3.6 billion euros worldwide.

crypto exchange and no deposit casino Sites where you can deposit and trade cryptocurrencies are also regularly hacked. Often there is a loss of tens and sometimes crores. Those hackers are rarely caught, although the United Nations announced in August that North Korea had hacked into some South Korean crypto exchanges. The proceeds would, among other things, finance the North Korean nuclear weapons program.

This gold rush attracts many people with downright evil intentions. Hacks and scams are rarely big news in crypto land, but a lot of money is often lost. That’s why we have listed the biggest hacks and scams of 2011 and added up their pitfalls.

Biggest 3 crypto hacks and fraud cases

In the next section, we will mention the most prominent incidents of theft using bitcoin, of course we won’t mention all bitcoin fraud cases here, but in terms of numbers we can tell you that bitcoins from the beginning of 2011 to now. There have been more than 150 incidents of theft. All the hacks and tricks mentioned below are implemented in different ways. We’ll also list several techniques, but don’t risk using any of them just because lightning doesn’t strike the same spot twice. In addition, you can be arrested as many scammers who have participated in these scams have been caught.

1. Exit Scam: QuadrigaCX
A clever entrepreneur starts an online exchange where you can trade cryptocurrencies, manage customers’ money, and one day just close the tent and run away with the money. The most bizarre example of this is the QuadrigaCX.

This Canadian crypto exchange was founded in 2013 by Gerald Cotton and a business partner. Within a few years, QuadrigaCX has grown into the largest crypto exchange in the country. In 2017, when bitcoin became very popular, about two billion euros flowed through this company.

However, things quickly went wrong after that. Cotton turned out not to invest customers’ money in bitcoin, but to steal it himself. He bought an expensive yacht, some big houses, a private jet and hung everything up. Meanwhile, QuadrigaCX ran into financial difficulties.

In December 2018, Cotton went on a honeymoon in India with his wife. There, according to his wife, he contracted food poisoning and died shortly after in a private hospital. His body was never examined and his whereabouts are unknown.

It was later revealed, according to the woman, that Cotton was the only person who had passwords for all of QuadrigaCX’s systems. He didn’t write those passwords anywhere and so was lost with his ‘death’. Without those passwords, customers’ money could not be moved. It appears that more than 160 million euros went up in smoke from customers.

There is no way to say for certain whether Cotton is dead, but investigations by forensic accountants revealed that QuadrigaCX was a common scam and is considered an exit scam.

The strange tale of Quadriga Vanity Fair features a beautiful reconstruction of the rise and fall of QuadrigaX and the bizarre life of Gerald Cotton.

2. Launch a New Coin (ICO)

If you want to launch a cryptocurrency, you can do an ICO, aka: an initial coin offering. You then offer your new digital currency at a very low rate at a very early stage. With the money you collect, you can cover the costs for the further development of your cryptocurrency. Thus ICO is a way to raise capital.

There are thousands of such ICOs, especially since 2017, when many people believed that they could make quick money with cryptocurrencies because of the high price of bitcoin. Strip clubs, gambling sites, porn farmers, weed growers, game makers, real estate entrepreneurs, fruit growers and countless small businesses suddenly started issuing cryptocurrencies.

That boom also attracted a number of malicious parties: scammers who, like IPOs, quickly published a site, a ‘white paper’, honored good promises on social media and then left with investors’ money. behold, ICO scam, Around 2017-2018, 80 percent of all ICOs will be scams.

3. Multi Level Marketing

About four years ago, Bulgarian entrepreneur Ruja Ignatova launched a new cryptocurrency that would make bitcoin and all other cryptocurrencies obsolete: OneCoin. It was a currency with which you could buy goods online, but which you had to buy, especially if you wanted to get filthy rich: the currency, he promised, would increase in value significantly.

However, very little ‘crypto’ appeared about this coin. There was no blockchain, the underlying technology of cryptocurrencies. There really wasn’t even a market, because OneCoin grew out of a kind of ‘multilevel marketing’, a pyramid scheme of sorts. Watch this video by John Oliver for a funny explanation of ‘multilevel marketing’.

Existing customers acquire new customers and earn commission for it. When those new customers acquire new customers, the commissions pile up. If you are at the top of the pyramid, you will become really filthy rich. However, if you are short on packing order, you have a problem.

OneCoin was, from the company’s point of view, a huge success. Millions of people around the world bought these coins and persuaded friends and family to do the same. However, over the years between Ignatova and her associates, there have been strong indications that the company is capable of operating uninterrupted. When the land in Europe and America became too hot, recruitment shifted mainly to Africa and Asia.

When the land in Europe and America became too hot, recruitment shifted mainly to Africa and Asia.
In 2017, Ignatova suddenly disappeared from view. A few other associates were arrested and some have been convicted of fraud in the United States. US officials estimate that OneCoin ultimately lost around 3.6 billion euros out of the pockets of gullible investors. This makes OneCoin one of the biggest fraud cases of all time.

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